The Most Important Chart In The Universe

Look, the central banks are entirely responsible for the prices of bonds and about 99 and 44/100ths percent responsible for the dizzying hieghts of equities.

Remove all that stimulation, the thinking goes, and then we get to discover just how much air is under these “markets.”

Which makes this the most important chart in the universe:

While central banks are still pumping money in, it’s less than it has been in years. That will also go to zero and then negative later in 2018 or very early 2019, depending.

How big of a deal is this?

Plenty big. It also comes at a time when the US is busy pissing off China and is about to embark on issuing trillions of new debt, which will compete for liquidity at a time when it is already declining.